MIRA INFORM REPORT

 

 

Report Date :

07.06.2013

 

IDENTIFICATION DETAILS

 

Name :

DAMENNY INDUSTRIA E COMERCIO DE PRODUTOS TEXTEIS LTDA

 

 

Registered Office :

Rua 15 De Novembro, 2807 - Centro 89107-000 - Pomerode/Sc

 

 

Country :

Brazil

 

 

Date of Incorporation :

07.05.1986

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture of Textiles.

 

 

No. of Employees :

160

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

 

Status :

Moderate

Payment Behaviour :

Unknown

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Brazil

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BRAZIL - ECONOMIC OVERVIEW

 

Characterized by large and well-developed agricultural, mining, manufacturing, and service sectors, Brazil's economy outweighs that of all other South American countries, and Brazil is expanding its presence in world markets. Since 2003, Brazil has steadily improved its macroeconomic stability, building up foreign reserves, and reducing its debt profile by shifting its debt burden toward real denominated and domestically held instruments. In 2008, Brazil became a net external creditor and two ratings agencies awarded investment grade status to its debt. After strong growth in 2007 and 2008, the onset of the global financial crisis hit Brazil in 2008. Brazil experienced two quarters of recession, as global demand for Brazil's commodity-based exports dwindled and external credit dried up. However, Brazil was one of the first emerging markets to begin a recovery. In 2010, consumer and investor confidence revived and GDP growth reached 7.5%, the highest growth rate in the past 25 years. Rising inflation led the authorities to take measures to cool the economy; these actions and the deteriorating international economic situation slowed growth to 2.7% in 2011, and 1.3% in 2012. Unemployment is at historic lows and Brazil's traditionally high level of income inequality has declined for each of the last 14 years. Brazil's historically high interest rates have made it an attractive destination for foreign investors. Large capital inflows over the past several years have contributed to the appreciation of the currency, hurting the competitiveness of Brazilian manufacturing and leading the government to intervene in foreign exchange markets and raise taxes on some foreign capital inflows. President Dilma ROUSSEFF has retained the previous administration's commitment to inflation targeting by the central bank, a floating exchange rate, and fiscal restraint. In an effort to boost growth, in 2012 the administration implemented a somewhat more expansionary monetary policy that has failed to stimulate much growth.

Source : CIA

Company name

 

DAMENNY INDUSTRIA E COMERCIO DE PRODUTOS TEXTEIS LTDA

 

 

ADDRESSES

 

MAIN ADDRESS:

RUA 15 DE NOVEMBRO, 2807 - CENTRO

ZIP CODE/CITY:

89107-000 - POMERODE/SC

 

 

PHONE:

47 3242-2000

FAX:

47 3242-2000

E-MAIL:

financeiro@damenny.com.br

WEB SITE:

www.damenny.com.br

 

BRANCHES:

 

NOT AVAILABLE.

 

 

LEGAL DATA

 

MAIN ACTIVITIES:

 

MANUFACTURE OF TEXTILES.

 

LEGAL FORM:

LIMITED LIABILITY COMPANY

 

 

INCORPORATION DATE:

01/05/1986

REGISTER DATE:

07/05/1986

BALANCE SHEET FILING DATE:

31/12

TAX CONTRIBUTOR NUMBER(CNPJ):

79.302.519/0001-84

STATE REGISTER:

251.316.998

 

 

SHARE CAPITAL:

R$ 30.000,00

 

BOARD OF DIRECTORS:

 

 

 

ELIAS FERREIRA DA SILVA

MANAGING PARTNER

MIRIAM LARISA FERREIRA DA SILVA

MANAGING PARTNER

 

 

AUTHORIZED USE OF SIGNATURE

 

THE MANAGING PARTNERS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

 

SHAREHOLDERS / PARTNERS:

 

 

 

MIRIAN LARISA FERREIRA DA SILVA

50%

ELIAS FERREIRA DA SILVA

50%

 

AFFILIATES / SUBSIDIARIES:

 

 

 

NOT AVAILABLE

 

 

 

COMPANY'S BACKGROUND

 

THE SUBJECT WAS ESTABLISHED ON MAY 1, 1986 TO BE ENGAGED IN THE SAID LINE OF BUSINESS AND UP TO DATE IT IS STILL OPERATING WITHIN THE GENERAL SCENE REPORTED HEREIN.

 

TRADE NAME: "DAMENNY ELASTICOS".

 

FURTHER DETAILS ARE SO FAR NOT KNOWN.

 

WHEN CONTACTING THE SUBJECT WE INTERVIEWED MR. MARCELO, FINANCIAL MANAGER, WHO INFORMED THAT WOULD NOT DISCLOSE ANY KIND OF INFORMATION UNLESS THE INQUIRING PARTY'S NAME WAS DISCLOSED.

 

IF IT IS POSSIBLE TO DISCLOSE THE NAME OF THE INTERESTED SUPPLIER OF THE SUBJECT, WE MAY RESUME OUR CONTACTS AND TRY TO OBTAIN FURTHER INFORMATION.

 

THE DATA CONTAINED HEREIN WERE OBTAINED FROM OUTSIDE SOURCES, OUR DATABASE AND OFFICIAL. NO FURTHER DATA WAS AVAILABLE WITH SEVERAL SOURCES USUALLY INVESTIGATED.

 

PUBLIC INFORMATION:

 

PROTESTS:

 

187 PROTESTS,TOTAL AMOUNT R$ 1.419.979,28

    DATE OF FIRST PROTEST: APRIL/2011  R$ 1.15380

    DATE OF HIGHEST PROTEST: 12/2011  R$ 188.720,95

 

DETAILS OF LATEST PROTESTS:

 

NOTARY OFFICE:

DATE:

VALUE:

CARTÓRIO DE SC-POMERODE

14/12/2011

R$ 188.720,95

CARTÓRIO DE SC-POMERODE

14/12/2011

R$ 187.685,30

CARTÓRIO DE SC-POMERODE

06/09/2011

R$ 9.638,70

CARTÓRIO DE SC-POMERODE

25/08/2011

R$ 12.392,10

CARTÓRIO DE SC-POMERODE

25/08/2011

R$ 14.455,00

 

LAWSUITS:

 

 

 

DATE:

COURT OF LAW:

 

2

EXECUTIVE LAWSUITS

22/02/12

VARA DE SC-POMERODE

2

MONITORY SUIT

06/02/12

VARA DE SC-POMERODE

 

JUDICIAL RECOVERY PETITION

20/05/11

VARA DE SC-POMERODE

 

JUDICIAL RECOVERY ADJUDGED

05/07/12

VARA DE SC-POMERODE

 

JUDICIAL RECOVERY: ("RECUPERAÇÃO JUDICIAL" UNDER BRAZILIAN BANKRUPTCY LAW)

 

THE SUBJECT HAS FILED FOR JUDICIAL RECOVERY ON ABOVE MENTIONED DATE. JUDICIAL RECOVERY IS A VOLUNTARY PROCEEDING WHICH MAY BE ADOPTED BY COMPANIES WHICH ARE FACING FINANCIAL PROBLEMS AND NEED THE PROTECTION OF BRAZILIAN BANKRUPTCY LAW BENEFITS IN ORDER TO TRY TO IMPROVE THE FINANCIAL STANDING.

 

THE JUDICIAL RECOVERY UNDER BRAZILIAN BANKRUPTCY LAW IS SIMILAR TO THE PROCEEDINGS OF CHAPTER 11 OF USA BANKRUPTCY LAW.

 

THE COMPANY SUBJECT TO JUDICIAL RECOVERY IS REQUIRED TO PRESENT RECOVERY PLAN TO BE APPROVED BY THE MAJORITY OF ITS CREDITORS IN A GENERAL CREDITORS ASSEMBLY. PROVIDED THE RECOVERY PLAN IS APPROVED BY THE CREDITORS THE COURT GRANTS THE COMPANY THE RIGHTS OF OPERATING UNDER THE LAW PROTECTION AND A JUDICIAL ADMINISTRATOR IS APPOINTED TO SUPERVISE THE ACCOMPLISHING OF THE PAYMENT TERMS AND THE EXECUTION OF THE RECOVERY PLAN AS APPROVED.

 

THE JUDICIAL RECOVERY PROCEEDINGS ARE VERY EFFICIENT TO PROTECT THE COMPANIES AND TO GRANT THEM POSSIBILITIES TO RECOVERY FROM FINANCIAL PROBLEMS BUT THE APPROVAL OF THE CREDITORS AND IN-DEEP ACCOMPLISHMENT OF RECOVERY PLAN IS ESSENTIAL TO MAKE SURE THE COMPANY WILL KEEP THE LAW PROTECTION AS GRANTED BY THE COURT AND WILL BE SUCCESSFUL IN RECOVERING FROM THE FINANCIAL PROBLEMS WHICH LEAD IT TO REQUIRE THE JUDICIAL RECOVERY PROCEEDINGS PROTECTION.

 

 

FINANCIAL INFORMATION

 

DUE TO THE SUBJECT'S LEGAL FORM, IT IS NOT OBLIGED TO PUBLISH THE BALANCE SHEET INFORMATION. WHEN INTERVIEWING SOURCES AT THE SUBJECT COMPANY DECLINED TO PROVIDE ANY KIND OF FINANCIAL INFORMATION.

 

OUR INVESTIGATION THROUGH THE OUTSIDE SOURCES SHOWED NO FINANCIAL DATA ABOUT THE SUBJECT.

 

EXCHANGE RATE:

 

 

US$ 1,00 = R$ 2,12

 - OFFICIAL RATE ON 05/06/2013

 

COMMENTS ON THE FINANCIAL INFORMATION:

 

IN THE ABSENCE OF FINANCIAL INFORMATION NO COMMENTS CAN BE MADE ABOUT THE SUBJECT'S CURRENT FINANCIAL STANDING.

 

REAL ESTATE:

 

   NOT AVAILABLE

 

VEHICLES:

 

   NOT AVAILABLE

 

MACHINES:

 

   NOT AVAILABLE

 

 

INSURANCE

 

NOT AVAILABLE.

 

 

BANKING REFERENCES

 

 

BRANCH/PHONE:

CITY:

BANCO BRADESCO S/A

47 3387-2216

POMEDORE/SC

BANCO SANTANDER (BRASIL) S/A

47 3221-7510

BLUMENAU/SC

BANCO ITAÚ S/A

47 3221-2828

BLUMENAU/SC

 

REMARKS: IN BRAZIL THE BANKS ARE PROHIBITED BY LAW TO PROVIDE INFORMATION OR ANY KIND OF COMMENTS ABOUT THEIR CLIENTS. DUE TO THIS LAW PROHIBITION WE ARE UNABLE TO PROVIDE ANY BANKING DETAILS.

 

ACCORDING TO THE CENTRAL BANK OF BRAZIL OFFICIAL REPORT, THE COMPANY HAS NO RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682 BRAZILIAN CENTRAL BANK").

 

 

ACTIVITIES COMMENTS

 

MANUFACTURE OF TEXTILES.

 

IMPORT AND EXPORT:

 

   IMPORTS FROM:

NOT AVAILABLE

 

   EXPORTS TO:

DOES NOT EXPORT

 

MAIN CLIENTS:

 

 

 

 

 

DOMESTIC CLIENTS:

CITY:

 

ART STILLUS CONF.

SÃO PAULO/SP

 

CARINHOSO ROUPAS

JARAGUA DO SUL/SC

 

COTEMINAS

MONTES CLAROS/MG

 

KYLY INDÚSTRIA TEXTIL LTDA

POMEDORE/SC

 

MAL. BRANDILI

APIUNA/SC

 

MALHAS KEEPER

JUIZ DE FORA/MG

 

MALWEE MALHAS

JARAGUA DO SUL/SC

 

MARISOL S/A

JARAGUÁ DO SUL/SC

 

MARTINS INDÚSTRIA TEXTIL LTDA

BLUMENAU/SC

 

PACIFICO SUL CONF.

BLUMENAU/SC

 

RV TEXTIL LTDA

NOVA FRIBURGO/RJ

 

 

STAFF:

 

THE COMPANY HAS: 160 EMPLOYEE(S)

 

 

CONCEPT AND FULFILMENT

 

THE SUBJECT IS A COMPANY IN BUSINESS FOR SEVERAL YEARS BUT HAS FACED FINANCIAL PROBLEMS AND WAS LEAD TO REQUIRE THE PROTECTION OF THE JUDICIAL RECOVERY PROCEEDINGS UNDER THE BRAZILIAN BANKRUPTCY LAW.

 

THE JUDICIAL RECOVERY PROCEEDINGS ARE CONSIDERED A VERY EFFICIENT WAY TO THE COMPANIES TO RECOVER FROM FINANCIAL PROBLEMS BUT THE POSITIVE RESULTS OF THE RECOVERY PLAN CANNOT BE SAFELY ASSURED AND THE RISK OF BANKRUPTCY CAN STILL EXIST IN SOME CASES.

 

MAIN SUPPLIERS:

 

 

 

 

 

DOMESTIC SUPPLIERS:

 

PHONE:

ARTEPLAS

 

47 3341-4000

AVANTI INDUSTRIA E COMERCIO

 

11 4337-6464

CAPRI INDUSTRIAL LTDA

 

 

DANESI LATEX LTDA

 

 

FABRITEX INDUSTRIAL

 

51 3601-1200

LEDERVIN

 

11 3685-8700

MAZZAFERRO FIBRAS SINTETICAS LTDA

 

 

POLYENKA LTDA

 

 

TAPETES LOURDES LTDA

 

 

TOPACK DO BRASIL

 

19 3468-6995

UNIF DO BRASIL LTDA

 

11 2161-4800

 

PAYMENT HISTORY:

 

02 SUPPLIERS REPORTED PAYMENTS:

   TOTAL AMOUNT:  R$ 2.606,00

 

AMOUNT OF INVOICES PAID: 3

TOTAL OF PROMPT PAYMENTS: 100%

HIGHEST INVOICE: R$ 1.287,00

HIGHEST CREDIT: R$ 1.287,00

 

FINAL OPINION

 

TAKING INTO ACCOUNT THE OVERALL INFORMATION IN THIS REPORT IT WOULD BE RECOMMENDED THAT ANY KIND OF BUSINESS DEALING SHOULD BE CARRIED OUT THROUGH CASH OR ADVANCE PAYMENT.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.87

UK Pound

1

Rs.87.65

Euro

1

Rs.74.51

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.